Homeowners Beware! Credigy Receivables, A Debt Collector, is Filing Foreclosures to Collect on Unpaid Unsecured Credit Card Debts

“Credigy seeks to terrify consumers who owe small amounts into paying their debts by threatening them with the loss of their home.”

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Bank goes after homes to collect credit card debts

In a significant escalation by debt collectors who pursue consumers for payment, a major Canadian bank has threatened to foreclose on the homes of hundreds of Californians unless they pay back old credit card debts.

California law generally makes foreclosure available only to lenders using residential properties as security, and collectors of unsecured debts, like credit card loans, normally are limited to attaching wages or bank accounts.

But Credigy Receivables – a unit of the National Bank of Canada, which has more than $150 billion in assets – has taken advantage of California’s relatively lax debt collection laws. The bank has repeatedly bypassed a legal hurdle that normally prevents credit card companies from threatening to take away the homes of debtors who refuse or are unable to pay.

Little-noticed except by debtors and consumer attorneys, Credigy’s unusual collection efforts begin with the purchase of judgment liens issued in California lawsuits filed by credit card lenders and other unsecured creditors. Credigy then names debtors who own residential properties as defendants in foreclosure lawsuits.

Be sure to check out the rest here…

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4closureFraud.org

Comments
3 Responses to “Homeowners Beware! Credigy Receivables, A Debt Collector, is Filing Foreclosures to Collect on Unpaid Unsecured Credit Card Debts”
  1. leapfrog says:

    “Credigy’s unusual collection efforts begin with the purchase of judgment liens issued in California lawsuits filed by credit card lenders and other unsecured creditors.”

    There’s the first mistake. If you are a debtor, even if you think you owe the debt, CHALLENGE IT anyway. Answer the bottomfeeder’s dunning letters with request for validation. If you get a summons & complaint make sure you respond. You can find sample letters/responses on the internet from those who have successfully challenged their alleged creditors. Whatever you do, don’t let it get to summary judgment. 90% of credit card debt CANNOT be proven by the bottomfeeders. CHALLENGE IT!!!

  2. Western Progressive LLC -and MR. Kumar -a debt collector from India in Atlanta, GA-!
    this guy Kumar also works dor Altisource and they both -charged me with litigation and foreclosure fees! without disclosing who they are!now a lawyer from Houser & Allison APC called me to tell me that he is the counsel for Ocwen loan serv?.. then I received a call from Ocwen fin Corp-her name was Tanija and she told me NOT TO SPEAK WITH houser & Allison-LAWYER MANFORD BENJAMIN SUSMAN??my mortgage loan in hands of debt collector..I never new my lender was a debt collector but now that I have the routing number of Wells Fargo in San Francisco–let’s see what they say….I just filed a complaint to the FTC! God help us all!
    Ocwen has so many little unknown companies this way they don’t pay TAX!!!but the IRS SHOULD BE NOTIFIED TOO..don’t you agree?..
    https://www.ftccomplaintassistant.gov/Consumer_Home.htm

  3. yvonne says:

    Why is this surprising? Everyone is watching the shameful issues facing homeowners and their foreclosures in the US and they see that anyone can get away with anything…only in America…time for a real change and back to the Constitution…

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